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Every Indian who has a single or joint account in a bank/post office and is between 18 to 70 years of age is eligible to join this scheme. If a person has multiple accounts in the same or different banks/post offices, the person is eligible to join the scheme through only one bank/post office account. In case of joint account, all the above account holders can join the scheme provided they meet the eligibility criteria and contribute up to Rs. 1 per person per annum through auto-debit. Pay premium at the rate of Rs.20. Also, any NRI maintaining an eligible bank account in any bank branch located in India is also eligible to avail PMSBY cover through this account, provided he fulfills the terms and conditions related to the scheme.
When and how much cover is available
Under Pradhan Mantri Suraksha Bima Yojana, if the customer dies in an accident, his nominee or family member gets a benefit of Rs 2 lakh. Further, as per the rules, in case of an accident, total and irreparable damage to both eyes or loss of use of both hands or legs or loss of sight of one eye and use of hands or legs will be paid up to Rs. Benefit of Rs 2 lakh. Additionally, if the accident results in complete and irreparable loss of vision of one eye or loss of use of one hand or leg, Rs 1 lakh will be provided.
How can you pay the premium?
As per the consent given by the customer while enrolling in this scheme, Rs. 10,000 will be withdrawn from the account holder’s bank/post office account. ₹20 premium amount is deducted in one installment through auto debit facility. Pradhan Mantri Suraksha Bima Yojana is offered by public sector general insurance companies and other general insurance companies. The cover under this scheme is for a period of one year from 1st June to 31st May.
